Tax Effective Strategies for Long Term Business Success

As the marketplace becomes more competitive, it's critical for businesses to set both short and long term goals and objectives, and have in place a solid financial and risk management plan.

Salmon Arm Financial is here to help you build a strategic plan. Whether you are a sole proprietor, partnership, small or large private company, we can help you with your planning & protection. At SAF we believe business owner efforts should be rewarded just as the business owner rewards their employees. We can tailor a comprehensive or simple plan to protect you and your business.

Whether you are looking to protect:

SAF is here to help you.

Contact us to find out how we can help you build and maintain a lasting, successful company.

Buy and Sell Funding Arrangements

If the key partner in your company dies unexpectedly, would you be prepared? You could find yourself in a situation working with the partner's heirs who may not be familiar with or knowledgeable about the business, creditors nervous about the loss of a key person, or even have the business and accounts frozen until the proper documents are put in place. Buy-sell agreements allow the surviving partners and shareholders to carry on the business without interuption or the influence of the deceased's family.

They also ensure that the deceased owner's dependents or heirs receive full value for the business at the time of the owner's death.

The point of a buy-sell agreement is to ensure there will be a ready market, at a fair price, for a business owner's share of the business.

We can help you get funding through life insurance to make this happen.
Contact us to learn how you can prepare for the future with buy-sell insurance.

Business Succession Planning

Business succession planning is important for all business owners. It details what will happen to the business when you retire or in the event something unexpected happens to you. By having a plan in place, you ensure future business decisions reflect your vision and desires, rather than someone else's. The purpose of business succession planning is:

  • to ensure that in retirement, you will have adequate resources after you pass the business to the next generation
  • to be certain the next generation is adequately provided for
  • to ensure that the name of the family business will be carried on as a lasting legacy

You've worked hard to create a successful business. We will work hard to help you build a plan that will take care of you, your family, and your business after retirement.

Contact us to learn more about our business succession planning solution.

Business Continuation Planning

You've toiled, made many sacrifices, and invested countless hours of sweat equity to create a successful business. If something happens to you, how will you be certain your business will continue as a viable operation after you die?

You can ensure continuation by designating someone who will take over the business. It could be a family member, an employee, a business associate, or even a competitor. When the business is intended to pass outside the family, business continuation is designed to ensure you leave behind liquid assets for your family.

If you don't have sufficient assets to go around, the next best thing we can help you do is "create" assets, through the use of life insurance.

Contact us to find out how we can help you ensure your business and your family are cared for after you're gone.

Shareholder Planning

You've made many sacrifices and invested countless hours of sweat equity to create a successful business. You reward your employees, pay your share of tax. It is time to look into some shareholder rewards. There are many different solutions to reward and protect yourself and flow funds very tax effectively into your personal hands.

Let us show you some ideas that can create very effective tax dollars to you while maintaining the liquidity your company requires to operate effectively.

Contact us to find out how we can help you increase your worth and reduce you current and future tax bill.

Executive or Key Employee Compensation

Your compensation structure can play a critical role in retaining key people and attracting top quality talent. We can help you with compensation design, retirement planning, and key person insurance.

Compensation Design

Employers often use supplementary benefit packages as a means of attracting and retaining executives and other key employees. Compensation design can include supplementary benefits in addition to earnings, bonuses and stock options. This could translate into additional life insurance, individual disability coverage, critical illness insurance, executive medicals and/or an enhanced benefits package.

Retirement Planning

Ensuring your key people have a solid, rewarding retirement plan is another way to keep your key people motivated and happy. There are a number of alternatives available to help your executives feel confident, secure and well prepared for their retirement years. Below are a few of the retirement planning solutions we can help with.

  • Retirement funding such as enhanced retirement plans
  • Retirement Compensation Arrangement (RCA) to accommodate statutory limits on registered pension plans
  • Individual Pension Plan (IPP) to compensate for RRSP limitations for high-income earners

Key Person Insurance

Every business has key people who are critical to its functioning. It's difficult to think about what would happen to the business if something happened to them, or you. In the event of the death, the onset of a critical illness, or other disability of a business owner or a key executive, we have insurances available that will provide the immediate funds to a business so it can meet the short-term cash needs so you have the time to find and secure a replacement.

For the executive or key person, this insurance can be an attractive incentive as it offers added security and protection for their family.

We help businesses determine and develop the correct plan that meets their objectives for both working capital and recruitment.

Contact us to find out how we can help you retain and attract the talent you need.

Pension and Retirement Consulting

At Salmon Arm Financial Ltd., we understand how important an effective retirement plan is to your company, and to your employees. That is why we work closely with you to help you make informed decisions about your program.

Our specialized knowledge is always paired with personalized service to ensure all of your needs are met.

What We Offer

  • Strategies for plan design and implementation
  • Solutions to meet your regulatory, governance and administrative needs
  • Informative education sessions for employees
  • Valued relationships with major carriers that translates to savings for our clients
  • Simplifying complex issues so you can focus on your business
  • Independent advice that will help take your plan to the next level

Our Expertise

  • Defined Contribution Pension Plans
  • Group RRSPs
  • Deferred Profit Sharing Plans
  • Annuities
  • Registered Retirement Income Funds (RRIFs)
  • Life Income Funds (LIFs)
  • Locked In Retirement Funds (LRIFs)
  • Financial Planning for Individuals (offered through salmon arm financial Ltd)
Products & Services